There’s something for everyone in the 2021-22 federal budget! Big Cash Flow for Business Investments in Assets, Reduced Company Tax Rate, Low Income Offset to Continue, Residency Rules more objective, Positive Superannuation Changes and more.
For the first time in my life, I watched the budget reply speech in May. The problem is, both Government and Opposition budget proposals are now purely election promises. With the Election called for 2nd July, the Federal Government has moved into Caretaker mode.
The Budget was delivered last night and there is a mix of good and bad news for our clients and prospective clients at Paris Financial. I will try and zero in on the key points and give some comment. The very large caveat here is that all this budget information is NOT law yet but everyone should be moving and starting to think about the consequences of these changes.